Bragg Gaming posts €106.1m revenue in 2025, guides lower for 2026

Bragg Gaming Group reported preliminary, unaudited revenue of €106.1m for the full year ending December 31, 2025, a 4% increase year on year, as the B2B content supplier posted its second consecutive record year.

Adjusted EBITDA for the period came in at approximately €16.6m, representing a margin of 15.6%, up from €15.8m the prior year. The company described the figures as preliminary and unaudited, with full results to follow.

Q4 Performance

Fourth-quarter revenue reached approximately €27.7m, up 1.8% year on year. Adjusted EBITDA for the quarter was around €4.6m, equivalent to a margin of 16.6%, a slight decline from €4.7m in Q4 2024. The modest sequential softening in the final quarter did not undermine the full-year improvement in profitability.

CEO Comment

“Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher adjusted EBITDA,” said Matevž Mazij, CEO of Bragg Gaming Group. “Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as historical and live racing and prediction markets, and move into new jurisdictions that offer opportunities for higher margin content business. At the same time, we plan on thoughtfully harnessing the power of the Bragg AI Brain to reduce our overall cost structure, drive EBITDA growth, and move toward sustained net profitability.”

2026 Guidance and Strategic Priorities

For 2026, Bragg guided revenue of between €97m and €104.5m, a range that sits below the €106.1m delivered in 2025. The lower top line reflects ongoing international regulatory and taxation shifts the company acknowledged as active factors in its planning. Adjusted EBITDA guidance of between €16m and €19m points to potential margin expansion even as revenue contracts, underpinned by the stated cost reduction programme centred on its AI Brain platform.

The company flagged Brazil and the United States as its primary content market share targets. Brazil in particular has emerged as a high-activity jurisdiction for B2B suppliers since its regulated market went live in January 2025, with SPA opening a B2B licensing consultation that will shape supplier access conditions across the market. Alongside those established targets, Mazij pointed to historical and live racing and prediction markets as alternative verticals the company intends to pursue more aggressively. Prediction markets have attracted significant operator and regulator attention in recent months, with Kalshi surpassing DraftKings and FanDuel in app downloads ahead of Super Bowl LX, signalling sustained consumer appetite for the format.

The company’s path to net profitability remains a stated objective. Bragg has not yet specified a timeline for reaching that milestone, but management indicated it expects to update investors on progress through 2026.

Full audited results for FY2025 have not yet been released.

Source: Bragg Gaming Group